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Is Silicon Valley dead?
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The New York Times recently reported that Silicon Valley investors and business elites have declared Silicon Valley to be, well, dead. - photo by Herb Scribner
The New York Times recently reported that Silicon Valley investors and business elites have declared Silicon Valley to be, well, dead.

The Northern California area, known for being the home to many tech companies including Google, Facebook and Yahoo, has slowly seen itself decline as the place to grow startups as new business looks to other areas of the country.

The report said Silicon Valleys popularity has dwindled in recent months because of high prices for just about everything. The Palo Alto Weekly wrote in February that people in that area who considered themselves "middle-class" reported incomes of between $10,000 and $399,999. Some, in search of homes, have moved into professional dorms to keep costs low.

San Francisco lost more residents than any other city in the final quarter of 2017, according to the web-based real estate company Redfin. In fact, the City by the Bay lost about 15,000 people almost 24 percent more than New York City, according to Business Insider.

Meanwhile, coastal elites approve of the U.S. heartland, where everything is so cheap, according to The New York Times.

Robin Li, an investor with the San Francisco venture capital firm GGV Capital, told the Times that Detroit, for example, seemed like a good location for her after touring other parts of the Midwest, such as Akron, Ohio, and South Bend, Indiana.

If it werent for my kids, Id totally move, said Cyan Banister, a partner at Founders Fund. This could be a really powerful ecosystem.

But dont expect Silicon Valley to die overnight, according to MIT Technology Review.

Silicon Valley will happily live on until the competition is strong enough, and even then it might continue to succeed, according to MIT.

In fact, Mark Muro, director of metropolitan policy at Brookings Institution, tweeted that Midwest cities will need to do more work to become as popular as Silicon Valley.

Ian Hathaway, research director at the Center for American Entrepreneurship, wrote on his own blog that suggesting Silicon Valley is over "implies a Silicon Valley downfall will be a big win for everyone else. Thats zero-sum thinking and I dont agree with it.

Instead, Hathaway suggested people focus on building new startup communities in addition to reinvesting in older ones.

Lets be realistic about what can be achieved and over what timelines, knowing that it will take many decades for a vibrant startup community to take hold, he wrote. For if we dont, and we come up short of our expectations, frustration sets in and momentum is lost. Thats not good for anyone. It's time to get over the idea of Silicon Valley being over.
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New Medicare cards are in the mail and scammers are on the prowl
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The Centers for Medicare and Medicaid Services has begun mailing new Medicare Health Insurance ID cards. The program no longer uses Social Security numbers to identify people. - photo by Lois M Collins
The federal government is beginning to send out new ID cards to the 58 million Americans who benefit from Medicare. But since many of the people who will receive them don't know they're coming or why, scammers are already gearing up to take advantage.

An AARP survey shows as many as three-fourths of Americans 65 and older have no idea the cards are coming, so some individuals may be duped with claims that they're supposed to pay a fee or provide personal information that will be used, instead, to defraud them.

The new cards are the first reissue in years, and the most striking part of the redesign is that the cards no longer carry the beneficiary's Social Security number. Congress mandated the removal of that number as an identifier for Medicare beneficiaries by next April. Instead, the card has a Medicare Beneficiary Identifier number, an 11-digit combination of numbers and letters.

The new Medicare cards are now being mailed out in batches, starting with the Eastern seaboard and moving west. Most Medicare beneficiaries will receive their cards over the next six months, as long as the Centers for Medicare and Medicaid Services (CMS) has their correct mailing address. Once the cards are in hand, people can share the new identification number with their health care providers. During a transition period, either card is valid.

The old cards, which used Social Security numbers as the personal identification number, should be destroyed.

AARP recently launched an education campaign to warn consumers about scams related to the new Medicare cards.

The membership organization's "Fraud Watch" consultant, Frank Abagnale reformed con man, scammer and the subject of the movie and book "Catch Me If You Can" tells senior citizens the only time they need to carry the actual Medicare card is to health care appointments. Otherwise, it should be left in a safe place. If they want to carry one in their wallet or purse, he says, make a copy and black out the first seven numbers.

Since the cards were announced, scammers have already:

  • Called seniors and asked for their bank account information so that money on their old card could be returned. There is no money on the old card and CMS never asks for personal information over the phone.
  • Offered to send the new card after Medicare beneficiaries pay a $25 fee to cover expenses related to the card. The card is free.
  • Said the card will be mailed out as soon as the older person verifies his or her Social Security number, mailing address and other personal information. CMS already knows the beneficiary's Social Security number and it's no longer being used in conjunction with health care.
AARP and the Federal Trade Commission will hold a free online seminar about the cards and the fraud attempts they have spawned on Thursday, April 19, at 7 p.m. EDT. Register at: www.aarp.org/FraudWebinar. CMS also offers a "frequently asked questions" guide to the new cards.

The AARP Fraud Watch Network says consumers can sign up for its Watchdog Alert emails that deliver breaking scam information, or call a free helpline at 877-908-3360 to speak with volunteers trained in fraud counseling. Abagnale also hosts a weekly podcast for AARP, called The Perfect Scam.
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